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contentious negotiations I can ever remember, each party having separate demands and reluctant to give up their independence But it was successful We achieved what was regarded as a monumental accomplishment a complex, tripartite agreement for a Globex joint venture (JV) On October 27, 1990, both memberships overwhelmingly (98 percent at the CME and 90 percent at the CBOT) approved the tripartite agreement A JV enterprise, The Globex Corporation, was created between the CME and the CBOT for the purpose of maintaining what was to become a jointly owned and operated global electronic trading system I was elected chairman of the Globex Corporation, and a star-studded cast was appointed as its board of directors: Jack Sandner, John Geldermann, Scott Gordon, Gordon McClendon, Tom Dittmer, Barry Lind, and William Shepard from the CME, and William O Connor, Dale Lorenzen, David Brennan, Charles Carey Jr.



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cannot determine the delay d of the message It only knows that the local clock of j node Ni showed hi before its own local clock shows hb Thus its local time when a j j the message was sent is ha , hb, and local time at node Ni when the message is received is hi hi Time synchronization consists of estimating either hi or hj b a b a If a priori bounds on the message delay are known, that is, dmin d dmax, then j j the estimation ha % hb 2 1/2(dmin dmax) (or alternatively hi % hi 1/2(dmin b a dmax)) minimizes the synchronization error in the worst case Alternatively, hj 2 b dmax and hj 2 dmin are lower and upper bounds on hj (and hi dmin and hi dmax b a a a are bounds on hi ) b 741.

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, John Conheeney, John Gilmore, Burton Gutterman, and Neal Kottke from the CBOT In addition, serving as ex-of cio board members were William Brodsky, CME president and CEO, Tom Donovan, CBOT president and CEO, and David Vogel, chairman of the Futures Industry Association The pact included a set of agreed-to speci cations that Reuters undertook to build as well as provisions giving the right to the CBOT and CME to list contracts of their choosing on Globex, at trading hours of their designation, and to share equally in all pro ts or liabilities4 There was also on open-door policy for other exchanges to join the system5 Gary Ginter, a futures market expert, was appointed as managing director It was a happening that if successful would forever change the direction of futures market history.

2 Round-Trip Synchronization A slightly more complex solution is illustrated in Figure 74(c) Node Nj sends a query message to node Ni, asking for j j the time stamp hi Node Nj measures the round-trip time D hc 2 ha, that is, the b length of the time interval between sending the request and receiving the reply Without having a priori knowledge, node Nj now knows that the delay d is bounded by 0 and D If a priori bounds on the message delay are known, that is, dmin d dmax, the node Nj knows that d is bounded by max(D 2 dmax, dmin) and min(dmax, D 2 dmin) j j The estimation hb % hc 2 D/2 minimizes the worst-case synchronization error: j j j hc 2 (D 2 dmin) and hc 2 dmin are lower and upper bounds on hb.

Similarly, an estii mation and bounds for hc can be determined In comparison with the unidirectional approach, round-trip synchronization has the advantage of providing an upper bound on the synchronization error The mechanism known as probabilistic time synchronization, rst presented in ref [10], uses this to decrease the synchronization error as follows: After receiving the reply message, Nj checks whether the worst-case synchronization error D/2 2 dmin is below a speci ed threshold If not, it sends a new request message to Ni This procedure is repeated until a pair of request and reply messages occurs that achieves the required synchronization error The smaller the chosen threshold, the more messages have to be exchanged on average The main disadvantage of round-trip synchronization is that the number of messages increases linearly with the number of nodes that communicate with Ni, while.

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